|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
7949-M
|
|
COMPANY NAME
|
:
|
SARAWAK OIL PALMS BHD
|
|
FORMER NAME
|
:
|
SARAWAK OIL PALMS SDN BHD (18/05/1990)
|
|
INCORPORATION DATE
|
:
|
30/08/1968
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PUBLIC
|
|
LISTED STATUS
|
:
|
YES
|
|
LISTED DATE
|
:
|
16/08/1991
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
124-126, JALAN BENDAHARA, 98000 MIRI, SARAWAK, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
NO 124-126, JALAN BENDAHARA, 98000 MIRI, SARAWAK, MALAYSIA.
|
|
TEL.NO.
|
:
|
085-436969
|
|
FAX.NO.
|
:
|
085-432929
|
|
EMAIL
|
:
|
info@sop.com.my
|
|
WEB SITE
|
:
|
www.sop.com.my
|
|
CONTACT PERSON
|
:
|
PAUL WONG HEE KWONG ( CEO )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
01117 15142
|
|
PRINCIPAL ACTIVITY
|
:
|
THE CULTIVATION OF OIL PALMS AND THE OPERATION OF PALM OIL MILLS
|
|
AUTHORISED CAPITAL
|
:
|
k
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR
433,163,959.00 DIVIDED INTO
ORDINARY SHARES 433,163,959 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 728,158,000 [2010]
|
|
NET WORTH
|
:
|
MYR 974,156,000 [2010]
|
|
M1000 OVERALL RANKING
|
:
|
668[2009]
|
|
M1000 INDUSTRY RANKING
|
:
|
20[2009]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
7,000 [2011]
|
|
BANKER (S)
|
:
|
CIMB BANK
BHD
HSBC BANK MALAYSIA BHD
MALAYAN BANKING BHD
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
HISTORY / BACKGROUND
As a public limited company, the SC must
have at least one shareholder but there is no limit on the maximum number of
shareholders. The SC must have at least two directors. A public limited
company is a separate legal entity from its shareholders. As a separate legal
entity, the SC is capable of owning assets, entering into contracts, suing or
be sued by other companies. The liabilities of the shareholders are only up
to the extent of the equity they have taken up and the creditors cannot claim
on shareholders' personal assets even if the SC is insolvent. The SC is
governed by the Companies Act,1965 and must file in its annual return,
together with its financial statements with the Registrar of Companies. In
Malaysia, all the companies seeking listing on the Bursa Malaysia (Malaysia
Stock Exchange) must be public limited companies.
The SC is principally engaged in the (as a / as an) the cultivation of oil
palms and the operation of palm oil mills.
The SC was listed on the Main Board of Bursa Malaysia Securities Bhd on
16/08/1991
|
According to the Malaysia 1000 publication, the SC's ranking are as
follows:
|
|
|
|
|
|
|
YEAR
|
2009
|
|
|
|
OVERALL RANKING
|
668
|
|
|
|
INDUSTRY RANKING
|
20
|
|
|
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
PELITA HOLDINGS SDN BHD
|
WISMA SATOK, JALAN SATOK, LEVEL 5, 8 & 12, 93400 KUCHING,
SARAWAK, MALAYSIA.
|
182028
|
124,591,852.00
|
|
AMMB NOMINEES (TEMPATAN) SDN BHD
[SHIN YANG PLANTATION SDN BHD]
|
BANGUNAN AMBANK GROUP, 55 JALAN RAJA CHULAN, 22ND FLOOR, 50200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
51181
|
103,064,478.00
|
|
AMMB NOMINEES (TEMPATAN) SDN BHD
[LING CHIONG HO]
|
BANGUNAN AMBANK GROUP, 55 JALAN RAJA CHULAN, 22ND FLOOR, 50200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
51181
|
27,315,078.00
|
|
SHIN YANG PLANTATION SDN BHD
|
124 JALAN BENDAHARA, 2ND FLOOR, 98000 MIRI, SARAWAK, MALAYSIA.
|
322485
|
23,229,736.00
|
|
UOBM NOMINEES (ASING) SDN BHD
[SOCIETE GENERALE BANK & TRUST, SINGAPORE]
|
MENARA UOB, JALAN RAJA LAUT, LEVEL 9, 50350 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
266699
|
21,435,150.00
|
|
VISION CLASSIC HOLDINGS LTD
|
|
|
20,080,016.00
|
|
HSBC NOMINEES (ASING) SDN BHD
[HSBC PRIVATE BANK (SUISSE) S A]
|
2, LEBOH AMPANG, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
4381
|
15,756,300.00
|
|
HSBC NOMINEES (ASING) SDN BHD
[BNP PARIBAS WEALTH MANAGEMENT SINGAPORE BRANCH (FOREIGN]
|
2, LEBOH AMPANG, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
4381
|
9,778,400.00
|
|
HSBC NOMINEES (ASING) SDN BHD
[MILLIONASIA PROPERTIES LTD]
|
2, LEBOH AMPANG, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
4381
|
6,878,800.00
|
|
PEKAN MEGAH SDN BHD
|
ROOM 1-01, LOT 2942, TAMAN FARADALE, JALAN BULAN SABIT, 1ST FLOOR,
98000 MIRI, SARAWAK, MALAYSIA.
|
429909
|
5,820,360.00
|
|
DATUK LING CHIONG HO +
|
LOT 409, LUAK BAY, JALAN PANTAI, 98000 MIRI, SARAWAK, MALAYSIA.
|
520422-13-5415
K317629
|
3,678,530.00
|
|
REMAINING SHAREHOLDERS
|
|
|
71,535,259.00
|
|
|
|
|
---------------
|
|
|
|
|
433,163,959.00
|
|
|
|
|
============
|
+ Also Director
The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No
|
Company
|
(%)
|
As At
|
|
364431
|
SOP PLANTATIONS (BORNEO) SDN BHD
|
85
|
31/12/2009
|
|
|
|
|
|
|
|
426657
|
SOP PLANTATIONS (SUAI) SDN BHD
|
85
|
31/12/2009
|
|
|
|
|
|
|
|
|
|
SOP PLANTATION (BALINGIAN) SDN BHD
|
80
|
31/12/2009
|
|
|
|
|
|
|
|
|
422404
|
SOP PLANTATIONS (NIAH) SDN BHD
|
80
|
31/12/2009
|
|
|
|
|
|
|
|
|
663077
|
SOP KARABUNGAN SDN BHD
|
70
|
31/12/2009
|
|
|
|
|
|
|
|
|
653852
|
SOP PLANTATIONS (KEMENA) SDN BHD
|
65
|
31/12/2009
|
|
|
|
|
|
|
|
|
|
SOP INDUSTRIES SDN BHD
|
65
|
31/12/2009
|
|
|
|
|
|
|
|
|
|
SOP PELITA BATU LINTANG PLANTATION SDN BHD
|
60
|
31/12/2009
|
|
|
|
|
|
|
|
|
|
SOP PLANTATION (BELURU) SDN BHD
|
60
|
31/12/2009
|
|
|
|
|
|
|
|
|
728433
|
SOP PELITA BEKENU & NIAH PLANTATION SDN BHD
|
50
|
31/12/2009
|
|
|
|
|
|
|
|
|
630664
|
SOP PLANTATIONS (SARAWAK) SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
|
|
SOP PROPERTIES SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
|
715759
|
SOP RESOURCES SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
|
789887
|
SOP SYSTEM SDN BHD
|
100
|
31/12/2009
|
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. GERALD RENTAP JABU
|
|
Address
|
:
|
LOT 218, LORONG 1B, JALAN WAN ALWI, TABUAN JAYA, 93350 KUCHING,
SARAWAK, MALAYSIA.
|
|
IC / PP No
|
:
|
K0250818
|
|
New IC No
|
:
|
700328-13-5185
|
|
Date of Birth
|
:
|
28/03/1970
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN OTHER
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. TANG TIONG ING
|
|
Address
|
:
|
LOT 2707, TAMAN BOULEVARD, JALAN TAMAN BOULEVARD 1, 98000 MIRI,
SARAWAK, MALAYSIA.
|
|
IC / PP No
|
:
|
K700032
|
|
New IC No
|
:
|
580911-13-5437
|
|
Date of Birth
|
:
|
11/09/1958
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. FONG TSHU KWONG @ FONG TSHUN KWONG
|
|
Address
|
:
|
283E, LORONG SEJADAH 5, OF JALAN SONG, JALAN SEJADAH, 93350 KUCHING,
SARAWAK, MALAYSIA.
|
|
IC / PP No
|
:
|
K735063
|
|
New IC No
|
:
|
581213-13-5047
|
|
Date of Birth
|
:
|
13/12/1958
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
DIRECTOR 4
|
Name Of Subject
|
:
|
DRDOMINICK LAI YEW HOCK
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
DIRECTOR 5
|
Name Of Subject
|
:
|
WONG NGIE YONG
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
DIRECTOR 6
|
Name Of Subject
|
:
|
MR. HASBI BIN SUHAILI
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
|
|
|
DIRECTOR 7
|
Name Of Subject
|
:
|
MR. LING CHIONG SING
|
|
Address
|
:
|
LOT 1378, PUJUT 2C, JALAN PUJUT/LUTONG, 98000 MIRI, SARAWAK,
MALAYSIA.
|
|
IC / PP No
|
:
|
K561872
|
|
New IC No
|
:
|
560714-13-5499
|
|
Date of Birth
|
:
|
14/07/1956
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
01/12/2006
|
|
|
|
|
|
|
|
|
DIRECTOR 8
|
Name Of Subject
|
:
|
MR. LING LU KUANG
|
|
Address
|
:
|
LOT 409, LUAK BAY, 98000 MIRI, SARAWAK, MALAYSIA.
|
|
IC / PP No
|
:
|
K0401393
|
|
New IC No
|
:
|
770104-13-5809
|
|
Date of Birth
|
:
|
04/01/1977
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
|
|
|
DIRECTOR 9
|
Name Of Subject
|
:
|
KAMIL BIN RAMLEE
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
01/04/2011
|
DIRECTOR 10
|
Name Of Subject
|
:
|
DATUK LING CHIONG HO
|
|
Address
|
:
|
LOT 409, LUAK BAY, JALAN PANTAI, 98000 MIRI, SARAWAK, MALAYSIA.
|
|
IC / PP No
|
:
|
K317629
|
|
New IC No
|
:
|
520422-13-5415
|
|
Date of Birth
|
:
|
22/04/1952
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working Experience
|
:
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
PAUL WONG HEE KWONG
|
|
|
Position
|
:
|
CEO
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
LING CHIONG HO
|
|
|
Position
|
:
|
GROUP EXECUTIVE CHAIRMAN
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
MARIA CHEONG
|
|
|
Position
|
:
|
EXECUTIVE
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
ERICK CHOO
|
|
|
Position
|
:
|
FINANCIAL CONTROLLER
|
|
|
|
|
|
|
5)
|
Name of Subject
|
:
|
SRANSERS JONG
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
ERNST & YOUNG
|
|
Auditor' Address
|
:
|
UNIT 4.1, WISMA YONG LUNG, PELITA COMMERCIAL CENTRE, 4TH FLOOR,
98000 MIRI, SARAWAK, MALAYSIA.
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. ERIC KIU KWONG SENG
|
|
|
IC / PP No
|
:
|
K0279636
|
|
|
New IC No
|
:
|
711030-13-5215
|
|
|
Address
|
:
|
419, JALAN PANTAI, LUAK BAY, 98000 MIRI, SARAWAK, MALAYSIA.
|
BANKING
Banking relations are maintained principally with :
|
2)
|
Name
|
:
|
HSBC BANK MALAYSIA BHD
|
|
|
|
|
|
|
3)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
|
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Import Countries
|
:
|
ASIA
|
The SC refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
OPERATIONS
|
Products manufactured
|
:
|
|
CRUDE PALM OIL & PALM KERNEL OIL
|
|
|
|
|
|
|
Services
|
:
|
CULTIVATION OF OIL PALMS
|
|
|
|
|
|
Competitor(s)
|
:
|
BOUSTEAD
HOLDINGS BHD
IOI CORPORATION BHD
KUALA LUMPUR KEPONG BHD
SIME DARBY BHD
UNICO-DESA PLANTATIONS BHD
|
|
|
|
|
|
Member(s) /
Affiliate(s)
|
:
|
MALAYSIAN
INTERNATIONAL CHAMBER OF COMMERCE AND INDUSTRY (MICCI)
|
|
|
|
|
|
Ownership of
premises
|
:
|
LEASED/RENTED
|
|
Total Number
of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
2007
|
|
|
|
|
GROUP
|
N/A
|
6,896
|
5,000
|
N/
|
|
|
|
|
|
|
COMPANY
|
7,000
|
2,371
|
2,000
|
N/A
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) the cultivation of oil
palms and the operation of palm oil mills.
The group has expanded its land bank to over 65,000 hectares with 35,000
hectares planted with oil palm located in Sarawak.
The plantation of oil palm continues to remain as the sole core business of
SOPB group.
The group has crude palm oil and palm kernel as its sole fruits products.
The group has 4 mills in Miri, Sarawak.
The group's plantation products is fresh fruit bunch and milling products are
crude palm oil and palm kernel.
The number of employee provided was total number of employee included at
factory, estate and office.
PROJECTS
No projects found in our databank
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA)database,
but no latest development was noted in our investigation.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
085436969
|
|
Current Telephone Number
|
:
|
085-436969
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
NO 124-126, JALAN BENDAHARA, 98000, MIRI, SARAWAK.
|
|
Current Address
|
:
|
NO 124-126, JALAN BENDAHARA, 98000 MIRI, SARAWAK, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the SC staff from Human Resource Department Ms Wee and
she provided some information regarding to the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Erratic
|
[
|
2008 - 2010
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2008 - 2010
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
15.55%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
16.05%
|
]
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players. The higher profit could be attributed to the increase
in turnover. The SC's management had generated acceptable return for its
shareholders using its assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
32 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
13 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
25 Days
|
]
|
The SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could be
due to the good credit control measures implemented by the SC. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days.
The SC could be taking advantage of the cash discounts and also wanting to
maintain goodwill with its creditors.
Liquidity:
|
Liquid Ratio
|
:
|
Favourable
|
[
|
2.11 Times
|
]
|
|
Current Ratio
|
:
|
Favourable
|
[
|
2.43 Times
|
]
|
A minimum liquid ratio of 1 should be maintained by the SC in order to assure
its creditors of its ability to meet short term obligations and the SC was in
a good liquidity position. Thus, we believe the SC is able to meet all its
short term obligations as and when they fall due.
Solvency
|
Interest Cover
|
:
|
Favourable
|
[
|
17.64 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.31 Times
|
]
|
The interest cover showed that the SC was able to service the interest. The
favourable interest cover could indicate that the SC was making enough profit
to pay for the interest accrued. The SC was lowly geared thus it had a low
financial risk. The SC was mainly financed by its shareholders' funds and
internally generated funds. In times of economic slowdown / downturn, the SC
being a lowly geared company, will be able to compete better than those
companies which are highly geared in the same industry.
Overall Assessment:
Although the
turnover was erratic, the SC had maintained a steady growth in its profit.
This indicate the management's efficiency in controlling its costs and
profitability. The SC was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the SC should be able to repay its short term obligations. With the
favourable interest cover, the SC could be able to service all the accrued
interest without facing any difficulties. The SC as a lowly geared company,
will be more secured compared to those highly geared companies. It has the
ability to meet all its long term obligations.
Overall financial condition of the SC : STRONG
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.17
|
27.73
|
28.31
|
28.88
|
29.13
|
|
Gross Domestic Products ( % )
|
6.3
|
4.6
|
<0.5>
|
6.9
|
5.8
|
|
Domestic Demand ( % )
|
9.0
|
6.9
|
2.9
|
4.6
|
4.8
|
|
Private Expenditure ( % )
|
8.6
|
7.1
|
<2.7>
|
8.1
|
7.0
|
|
Consumption ( % )
|
9.0
|
8.4
|
0.7
|
6.7
|
6.3
|
|
Investment ( % )
|
7.1
|
1.5
|
<17.2>
|
15.2
|
10.2
|
|
Public Expenditure ( % )
|
10.1
|
6.5
|
5.2
|
3.8
|
2.8
|
|
Consumption ( % )
|
10.8
|
11.6
|
3.1
|
0.2
|
4.6
|
|
Investment ( % )
|
9.3
|
0.7
|
8.0
|
8.3
|
0.6
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
100,340
|
129,563
|
89,650
|
118,356
|
116,058
|
|
Government Finance ( MYR Million )
|
<19,948>
|
<34,462>
|
<28,450>
|
<40,482>
|
-
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<3.2>
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
|
Inflation ( % Change in Composite CPI)
|
2.0
|
<3.3>
|
<5.2>
|
5.1
|
-
|
|
Unemployment Rate
|
3.2
|
3.7
|
4.5
|
3.9
|
-
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
336
|
388
|
331
|
394
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
3.04
|
1.91
|
2.87
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
13.30
|
13.24
|
11.08
|
15.30
|
-
|
|
Average Base Lending Rate ( % )
|
6.72
|
6.72
|
5.53
|
5.70
|
-
|
|
Business Loans Disbursed( % )
|
9.1
|
11.6
|
10.5
|
14.7
|
-
|
|
Foreign Investment ( MYR Million )
|
33,426.0
|
23,261.4
|
22,156.8
|
22,517.9
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
43,337
|
41,599
|
41,578
|
-
|
-
|
|
Registration of New Companies ( % )
|
13.2
|
<4.0>
|
<0.1>
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
22,629
|
27,992
|
39,075
|
-
|
-
|
|
Liquidation of Companies ( % )
|
161.5
|
23.7
|
39.6
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
227,410
|
269,866
|
312,581
|
-
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
20,431
|
18,885
|
19,345
|
-
|
-
|
|
Business Dissolved ( % )
|
<61.4>
|
<7.6>
|
2.4
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
442.9
|
497.5
|
319.4
|
369.7
|
-
|
|
Cellular Phone Subscribers ( Million )
|
23.3
|
25.1
|
30.1
|
32.8
|
-
|
|
Tourist Arrival ( Million Persons )
|
20.9
|
21.5
|
23.6
|
24.0
|
25.0
|
|
Hotel Occupancy Rate ( % )
|
70
|
68
|
58
|
63
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
20.1
|
17.1
|
12.8
|
15.1
|
-
|
|
Bad Cheque Offenders (No.)
|
30,004
|
34,834
|
-
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
13,238
|
13,907
|
-
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
<2.6>
|
5.1
|
-
|
-
|
-
|
|
INDUSTRIES ( % of Growth ):
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.1
|
3.6
|
0.4
|
3.4
|
4.5
|
|
Palm Oil
|
<0.6>
|
7.0
|
<1.1>
|
1.3
|
-
|
|
Rubber
|
1.0
|
<1.1>
|
<19.8>
|
9.9
|
-
|
|
Forestry & Logging
|
2.8
|
<1.5>
|
<5.9>
|
<1.3>
|
-
|
|
Fishing
|
5.2
|
4.0
|
5.5
|
4.1
|
-
|
|
Other Agriculture
|
7.0
|
5.9
|
9.0
|
6.6
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
487.3
|
393.0
|
413.7
|
508.4
|
-
|
|
% of Industry Non-Performing Loans
|
1.1
|
<2.0>
|
1.3
|
2.1
|
-
|
|
|
|
|
|
|
|
|
Mining
|
3.3
|
<0.8>
|
<3.8>
|
1.0
|
2.9
|
|
Oil & Gas
|
2.2
|
12.7
|
2.1
|
4.9
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
42.2
|
36.0
|
44.2
|
49.7
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
3.1
|
1.3
|
<9.4>
|
10.8
|
6.7
|
|
Exported-oriented Industries
|
<1.9>
|
2.7
|
<19.0>
|
12.1
|
-
|
|
Electrical & Electronics
|
3.0
|
2.4
|
<30.3>
|
27.4
|
-
|
|
Rubber Products
|
8.0
|
4.2
|
<10.1>
|
25.3
|
-
|
|
Wood Products
|
3.3
|
<6.0>
|
<24.1>
|
19.7
|
-
|
|
Textiles & Apparel
|
<10.1>
|
1.9
|
<19.5>
|
<1.3>
|
-
|
|
Domestic-oriented Industries
|
5.3
|
9.9
|
<9.8>
|
16.3
|
-
|
|
Food, Beverages & Tobacco
|
5.6
|
9.5
|
0.2
|
3.0
|
-
|
|
Chemical & Chemical Products
|
9.2
|
1.4
|
<7.7>
|
20.4
|
-
|
|
Plastic Products
|
<3.6>
|
6.5
|
<9.1>
|
2.4
|
-
|
|
Iron & Steel
|
17.5
|
16.8
|
<32.7>
|
30.0
|
-
|
|
Fabricated Metal Products
|
26.2
|
14.7
|
<2.5>
|
14.9
|
-
|
|
Non-metallic Mineral
|
6.6
|
8.3
|
<15.5>
|
20.2
|
-
|
|
Transport Equipment
|
<19.0>
|
27.1
|
<13.5>
|
36.5
|
-
|
|
Paper & Paper Products
|
14.9
|
8.6
|
<5.0>
|
20.5
|
-
|
|
Crude Oil Refineries
|
8.6
|
7.8
|
0.2
|
<11.4>
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,366.2
|
5,729.4
|
6,007.3
|
6,217.5
|
-
|
|
% of Industry Non-Performing Loans
|
14.1
|
16.8
|
18.3
|
23.8
|
-
|
|
|
|
|
|
|
|
|
Construction
|
4.6
|
2.1
|
5.8
|
4.9
|
4.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,116.7
|
4,149.8
|
3,241.8
|
4,038.5
|
-
|
|
% of Industry Non-Performing Loans
|
11.3
|
12.2
|
9.9
|
10.7
|
-
|
|
|
|
|
|
|
|
|
Services
|
9.7
|
7.3
|
2.6
|
6.5
|
5.3
|
|
Electric, Gas & Water
|
4.6
|
5.0
|
0.4
|
8.5
|
5.6
|
|
Transport, Storage & Communication
|
7.60
|
7.80
|
1.60
|
7.15
|
7.55
|
|
Wholesale, Retail, Hotel & Restaurant
|
11.6
|
10.0
|
2.8
|
4.7
|
5.2
|
|
Finance, Insurance & Real Estate
|
10.7
|
9.2
|
3.8
|
6.0
|
5.2
|
|
Government Services
|
4.6
|
8.6
|
2.0
|
6.7
|
1.9
|
|
Other Services
|
5.0
|
5.9
|
4.4
|
4.2
|
5.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
10,207.8
|
8,281.4
|
6,631.3
|
7,384.6
|
-
|
|
% of Industry Non-Performing Loans
|
22.6
|
24.3
|
20.2
|
25.7
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
01117 : Oil Palm Estate
|
|
15142 : Manufacture of crude palm oil
|
|
|
|
|
INDUSTRY :
|
PALM OIL
|
|
Inventory levels and the La Nina weather patterns will determine the price
of palm oil, which hit a 30-month high on 13 December 2010 while Crude palm
oil (CPO) for February delivery rose RM89 to close at RM3,722. The prices
expect to be firm over the next few months on sustained demand due to
end-year festivities and the coming Chinese New Year holidays despite
Malaysian plantations going into a production down-cycle after hitting a
peak in October.
|
|
Inventory in November 2010, which stood at 1.63 million tonnes, was 15.4%
lower than a year ago. Besides, wetter weather conditions going into the
first quarter of 2011 as a result of the La Nina weather patterns could
still affect the planting season and therefore prices going forward.
|
|
The CPO prices to be firm over the next few months on sustained demand due
to end-year festivities and will hover around the RM3,000 to RM3,500 levels
by the middle of year 2011.
|
|
According to the Malaysian Palm Oil Board, CPO production in November, at
1.45 million tonnes, was 8.6% lower than a year ago and 10.8% down from
October, where there was a recovery despite the weather conditions, while
year-to-date, it was 1.8% weaker than last year. While exports registered a
slight 0.1% decline from a year ago, it recovered on a month-on-month basis
and year-to-date, was up 4.8% compared to the same period in year 2009.
|
|
Inventories would depend on demand and the weather. The weather conditions
would be like six months down the road but the current weather conditions
were not normal. It's not normal to see the flooding that we've seen in the
northern part of the peninsula or the extreme cold conditions in Europe.
|
|
In a report that the November data was the worst November performance since
2005. While investors should watch out for softening prices starting from
mid-2011, there is no any urgency to underweight the sector at this point
in time as palm oil price should remain relatively firm given that the
supply tightness will persist in the next few months.
|
|
The house's average CPO price expectation of RM2,700 per tonne for next
year on expectations of a potential bumper harvest in the second-half while
for 2010, the CPO price was on track to hit an average price of RM2,700.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS & RECOMMENDATION
|
Founded 1968, the SC is principally engaged in the cultivation of
oil palms and the operation of palm oil mills. Over the years, the SC has
growing steadily in the market with a paid up capital standing at RM433.16
million. Such a huge paid up capital has brighten the SC's future prospect.
The SC was listed in the Bursa Malaysia in 1991 and this has enabled the SC
to have direct access to the capital market for funds required for its
future expansion and continued growth. With its long track record in the
business, its general reputation is good.
|
|
Both turnover and profit figures have increased substantially in 2010
compared to financial year 2009. Return on shareholders' funds of the SC
was at an acceptable range which indicated that the management was
efficient in utilising its funds to generate income. The SC is in good
liquidity position with its current liabilities well covered by it
scurrenbt assets. Hence, it has sufficient working capital to meet its
short term financial obligations. Being a lowly geared company, the SC is
exposed to low financial risk as it is mainly dependent on its internal
funds to finance its business needs. The SC has a strong net worth.
|
|
Based on the above condition, we recommend a fairly large amount of credit
be granted to the SC promptly.
|
CONSOLIDATED PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
SARAWAK OIL
PALMS BHD
|
|
For The Year
Ended 31-December-2010
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
728,158,000
|
533,304,000
|
683,520,000
|
|
|
=========
|
=========
|
=========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
222,135,000
|
134,659,000
|
208,560,000
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
222,135,000
|
134,659,000
|
208,560,000
|
|
Taxation
|
<57,853,000>
|
<28,122,000>
|
<54,674,000>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
-------------
164,282,000
|
-------------
106,537,000
|
-------------
153,886,000
|
|
Minority interests
|
<12,768,000>
|
<6,668,000>
|
<13,323,000>
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
-------------
151,514,000
|
-------------
99,869,000
|
-------------
140,563,000
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
-------------
151,514,000
|
-------------
99,869,000
|
-------------
140,563,000
|
|
As previous reported
|
397,320,000
|
307,144,000
|
289,943,000
|
|
|
|
|
|
|
As restated
|
-------------
397,320,000
|
-------------
307,144,000
|
-------------
289,943,000
|
|
|
-------------
|
-------------
|
-------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
548,834,000
|
407,013,000
|
430,506,000
|
|
|
|
|
|
|
TRANSFER TO RESERVES - General
|
-
|
<63,000>
|
-
|
|
CAPITALISATION FOR BONUS ISSUES
|
-
|
-
|
<114,320,000>
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
<9,659,000>
|
<9,630,000>
|
<9,042,000>
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
-------------
539,175,000
==========
|
-------------
397,320,000
==========
|
-------------
307,144,000
==========
|
|
RETAINED BY: The Company
|
539,175,000
|
397,320,000
|
307,144,000
|
|
|
|
|
|
|
|
|
|
|
|
|
-------------
539,175,000
==========
|
-------------
397,320,000
==========
|
-------------
307,144,000
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
|
|
|
|
|
Bank overdraft
|
2,000
|
-
|
-
|
|
|
|
|
|
|
Hire purchase
|
310,000
|
296,000
|
913,000
|
|
Other interest expenses
|
90,000
|
-
|
-
|
|
|
|
|
|
|
bank borrowings
|
11,926,000
|
10,684,000
|
11,535,000
|
|
interest rate swap
|
1,025,000
|
1,121,000
|
262,000
|
|
|
--------------
13,353,000
===========
|
--------------
12,101,000
===========
|
--------------
12,710,000
===========
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET
|
SARAWAK OIL PALMS
BHD
|
|
As At
31-December-2010
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
727,392,000
|
1,011,097,000
|
865,253,000
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development properties/expenditure
|
450,088,000
|
-
|
-
|
|
|
|
|
|
|
|
|
Investments
|
-
|
45,000
|
45,000
|
|
|
Deffered assets
|
1,481,000
|
-
|
-
|
|
|
Other receivable
|
32,000
|
4,225,000
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
451,601,000
|
------------
4,270,000
|
------------
45,000
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
Deferred/Expenditure carried forward
|
5,182,000
|
2,222,000
|
-
|
|
|
|
|
|
|
|
|
Goodwill on consolidation
|
-
|
143,000
|
1,526,000
|
|
TOTAL INTANGIBLE ASSETS
|
------------
5,182,000
|
------------
2,365,000
|
------------
1,526,000
|
|
TOTAL LONG TERM ASSETS
|
------------
1,184,175,000
|
------------
1,017,732,000
|
------------
866,824,000
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
63,452,000
|
50,686,000
|
66,432,000
|
|
|
|
|
|
|
|
|
Trade debtors
|
25,040,000
|
8,540,000
|
11,735,000
|
|
|
Other debtors, deposits & prepayments
|
20,817,000
|
11,514,000
|
35,656,000
|
|
|
Short term deposits
|
326,039,000
|
284,417,000
|
244,752,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
42,655,000
|
36,002,000
|
34,380,000
|
|
|
|
|
|
|
|
|
Tax recoverable
|
47,000
|
4,437,000
|
3,929,000
|
|
|
Prepaid operating expenses
|
2,436,000
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
480,486,000
|
------------
395,596,000
|
------------
396,884,000
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
49,038,000
|
53,287,000
|
50,599,000
|
|
|
Other creditors & accruals
|
79,155,000
|
42,713,000
|
58,560,000
|
|
|
Hire purchase & lease creditors
|
8,647,000
|
8,909,000
|
8,770,000
|
|
|
|
|
|
|
|
|
Short term borrowings/Term loans
|
19,288,000
|
25,605,000
|
43,231,000
|
|
|
Other borrowings
|
25,000,000
|
30,000,000
|
20,000,000
|
|
|
Provision for taxation
|
15,459,000
|
2,564,000
|
709,000
|
|
|
|
|
|
|
|
|
derivatives
|
1,144,000
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
197,731,000
|
------------
163,078,000
|
------------
181,869,000
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
282,755,000
|
------------
232,518,000
|
------------
215,015,000
|
|
TOTAL NET ASSETS
|
------------
1,466,930,000
==========
|
------------
1,250,250,000
==========
|
------------
1,081,839,000
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
431,086,000
|
428,526,000
|
427,408,000
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
431,086,000
------------
|
428,526,000
------------
|
427,408,000
------------
|
|
RESERVES
|
|
|
|
|
|
Share premium
|
2,790,000
|
1,046,000
|
382,000
|
|
|
Retain profit/(Accumulated loss) carried forward
|
539,175,000
|
397,320,000
|
307,144,000
|
|
|
Other reserve
|
-
|
1,885,000
|
1,187,000
|
|
|
employee share option reserve
|
2,571,000
|
-
|
-
|
|
|
hedge reserve
|
<1,466,000>
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
543,070,000
|
------------
400,251,000
|
------------
308,713,000
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
974,156,000
|
------------
828,777,000
|
------------
736,121,000
|
|
MINORITY INTEREST
|
------------
122,312,000
|
------------
94,741,000
|
------------
81,346,000
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
Long term loans
|
244,566,000
|
220,054,000
|
172,591,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hire purchase creditors
|
7,946,000
|
6,923,000
|
7,303,000
|
|
|
Deferred taxation
|
114,786,000
|
99,022,000
|
84,409,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other payables
|
1,300,000
|
733,000
|
69,000
|
|
|
derivatives
|
1,864,000
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
370,462,000
|
------------
326,732,000
|
------------
264,372,000
|
|
|
------------
|
------------
|
------------
|
|
|
1,466,930,000
|
1,250,250,000
|
1,081,839,000
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
CONSOLIDATED FINANCIAL RATIOS
|
SARAWAK OIL
PALMS BHD
|
|
As At
31-December-2010
|
|
|
2010
|
2009
|
2008
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
368,694,000
|
320,419,000
|
279,132,000
|
|
|
Net Liquid Funds
|
349,406,000
|
294,814,000
|
235,901,000
|
|
|
Net Liquid Assets
|
219,303,000
|
181,832,000
|
148,583,000
|
|
|
Net Current Assets/(Liabilities)
|
282,755,000
|
232,518,000
|
215,015,000
|
|
|
Net Tangible Assets
|
1,461,748,000
|
1,247,885,000
|
1,080,313,000
|
|
|
Net Monetary Assets
|
<151,159,000>
|
<144,900,000>
|
<115,789,000>
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
305,447,000
|
291,491,000
|
251,895,000
|
|
|
Total Liabilities
|
568,193,000
|
489,810,000
|
446,241,000
|
|
|
Total Assets
|
1,664,661,000
|
1,413,328,000
|
1,263,708,000
|
|
|
Net Assets
|
1,466,930,000
|
1,250,250,000
|
1,081,839,000
|
|
|
Net Assets Backing
|
1,096,468,000
|
923,518,000
|
817,467,000
|
|
|
Shareholders" Funds
|
974,156,000
|
828,777,000
|
736,121,000
|
|
|
Total Share Capital
|
431,086,000
|
428,526,000
|
427,408,000
|
|
|
Total Reserves
|
543,070,000
|
400,251,000
|
308,713,000
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
1.86
|
1.96
|
1.53
|
|
|
Liquid Ratio
|
2.11
|
2.12
|
1.82
|
|
|
Current Ratio
|
2.43
|
2.43
|
2.18
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
32
|
35
|
35
|
|
|
Debtors Ratio
|
13
|
6
|
6
|
|
|
Creditors Ratio
|
25
|
36
|
27
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
0.31
|
0.35
|
0.34
|
|
|
Liabilities Ratio
|
0.58
|
0.59
|
0.61
|
|
|
Times Interest Earned Ratio
|
17.64
|
12.13
|
17.41
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
30.51
|
25.25
|
30.51
|
|
|
Net Profit Margin
|
20.81
|
18.73
|
20.56
|
|
|
Return On Net Assets
|
16.05
|
11.74
|
20.45
|
|
|
Return On Capital Employed
|
15.81
|
11.44
|
19.54
|
|
|
Return On Shareholders' Funds/Equity
|
15.55
|
12.05
|
19.10
|
|
|
Dividend Pay Out Ratio (Times)
|
0.06
|
0.10
|
0.06
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
|
|
